| The information below is from a lender we have a long relationship with. If you have any questions please call him and tell him where you received his information from. Have a great day! Thank you, Wendell and Karen Hello All!! After listening to President Bush's Statement on the Economy this morning and if you spend any time watching Headline News, you may come to the conclusion that mortgage companies and banks have no money to lend. Bush mentioned that banks don't have sufficient capital to make loans and this could lead any listener to believe that they cannot obtain a mortgage loan. While there are liquidity issues with commercial paper which are short term loans made to businesses for the purpose of financing their day to day operations, the Federal Government is buying and insuring troubled assets and the Federal Reserve is making loans for these short term needs. This will alleviate these problems in time. These issues do not apply to WR Starkey. WR Starkey is very liquid and has funds available for all loan applications. Our lines of credit with regional banks who are well capitalized are very stable. In addition, WR Starkey maintains its own cash reserves to prevent any issue with loan fundings month after month. We are enjoying a great year of production and profit despite the economic woes! Please forward this message to any buyer who is concerned about getting a loan. The fears related to borrowing money are inflated. Credit worthy borrowers still can obtain a mortgage loan today! I hope you have a great weekend! I will be available at 336-275-3008 Ext 222 (office) or 336-209-8819 (Cell) and would love to help you any time. Thank you for your support and business! Darrell Boan Branch Manager WR Starkey Mortgage 300 E. Wendover Ave., Suite 201 Greensboro, NC 27401 336-275-3008 Ext 222 Phone 866-546-8997 Fax www.darrellboan.com |
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| -- Re/Max of Greensboro 204 Muirs Chapel Rd., Suite 100 Greensboro, NC 27410 Karen: 336-317-0128 Wendell: 336-613-8369 Fax: 336-644-7779 |
Bug eyes - After listening to President Bush's Statement
0 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • October 10 2008 02:44PMParadigm shift - There are lenders and there are professional lenders.
Pre-approval, pre-qualification approval, approval of pre-qualification. How many different ways can non-professional lenders spin the word approval?
• Professional lenders ask the hard questions and do an honest evaluation of the prospect and use pre-approval and pre-qualification as it should be. You can feel fairly certain that after all the driving, phone calls, and offer writing that the deal will close. Professional lenders understand the loss to everyone if they fail to do their job upfront.
• Non-professional lenders take down what they are told and do a quick credit check and say find a Realtor and when you find a home write a contract and I will take it from there. They take a non-refundable commitment fee from the buyer and if they can pull off the loan great, but if they can't .....Next! They prey on the fact that if one Realtor is savvy enough to challenge them that they will be able to convince the buyer to contact another agent to "Hope and Haul".
When we challenge the approval or pre-qualification letter coming from an unknown lender we suddenly are the bad guys and the buyer normally jumps to the conclusion that we just do not want to work with them or we get something back from the lenders we know. We are the professionals in the process and we are suppose to ask questions to protect the client!
So what can we do? I know one thing it will not get better on its own and leaving it to the mortgage industry to improve on their own will never happen as long as agents let them get away with it.
I want to ask readers for your opinion on a possible solution to hedge against the non-professional lenders. If we work together maybe we can create a manditory process that will be the next paradigm shift on how Realtors hedge against bogus pre-qualifications and approvals and be the ones that improve the home buying process and mortgage process for our clients.
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What if it was a manditory requirement that the buyer had to be qualified by a lender you know before showing them property?
- I suspect in most cases the buyer if qualified will get a better deal and service because your team of lenders would be made up of the best of the best.
- We already ask for a pre-qualification with an offer. Why not ask for at least one pre-qualification from a lender that the buyer's agent knows and verify it before executing a contract?
Let's take control and stop letting the tail wag the dog!
4 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • September 03 2008 08:13AMSmoke and mirrors - The Open House Illusion
Open houses in my opinion have to be the biggest smoke and mirrors illusion in real estate. About 80% of my listing clients at first think that open houses are the ticket to selling their home until I explain to them that less than 2% of homes are sold to someone that first viewed the home for the first time at an open house. I add...
•· Most buyers today have seen pictures on-line and if they are qualified to purchase will have an agent show them the home when they can actually write an offer. So, why would you leave your home on a Sunday afternoon if it is not necessary?
Maybe before the Internet and colored pictures open houses were an effective means to attract more serious buyers for the seller's benefit, but as most know today open houses are more for marketing the agent and attracting unrepresented buyers.
•· Local neighbors see all the hoopla and extra signs lining the street entrance on Saturday and Sunday and think the open house sign is actually selling the house. In my opinion it is a smoke and mirror sign to attract their attention to an illusion. Balloons really add to the trick!
If the above is not enough to convince them not to insist on an open house I go into how much of a safety issue it can be to open the house up to anyone passing by and what people could be doing in their home. I ask ....
•· Do you know that people have been known to go through the owner's medicine cabinets, cloths and food pantries not to mention other private areas of the home because they cannot always be supervised?
•· Do you want to have a public rest room at your home for two hours? What are they really doing while they are behind the closed door? Did they unlock a window to come back to later?
•· What would happen if the agent was assaulted by a stranger on your property?
•· Do you think law enforcement would endorse this as being a safe practice?
In the unusual event that a seller is still insistent on having open houses as part of the listing agreement I ask them to instruct me on how they would want me to manage the open house.
•· 99.9% come to the realization that the risk is not work the gain when they think serious about the potential outcomes.
Be safe and do what you think is best.
Wendell Hodge
"Caring for all your real estate needs every step of the way"
Karen and Wendell Hodge
Greensboro NC Real Estate Agents with REMAX of Greensboro
www.YourTriadRealEstateAgent.com/
Greensboro NC Real Estate* Oak Ridge NC Real Estate
High Point NC Real Estate
Winston-Salem NC Real Estate * Kernersville NC Real Estate
Piedmont Triad NC Real Estate
3 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 14 2008 10:03PMConnection with a past client - Its a small world sometimes
Imagine my suprise when a past real estate client found us cold on activerain and added us an associate on her activerain site. This is another example of the value of networking.
If you have a home staging need in the Greensboro NC area please give Chrissie Sutherland a call. She is located in my associates under home staging.
"Caring for all your real estate needs every step of the way"
Karen and Wendell Hodge
Greensboro NC Real Estate Agents with REMAX of Greensboro
www.YourTriadRealEstateAgent.com/
Greensboro NC Real Estate* Oak Ridge NC Real Estate
High Point NC Real Estate
Winston-Salem NC Real Estate * Kernersville NC Real Estate
Piedmont Triad NC Real Estate
1 comment • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 14 2008 09:55AMBanking on Curb Appeal, You Just Need It!
This is good information from Jason Tolley with Backyard Realty Group LLC Northwest Atlanta GA
Via Jason Tolley:
I have been working with a few sellers and in all honesty they are just lacking curb appeal. It is hard as a realtor to try to explain this because you do not want to hurt their feelings or offend them. I am in the process of working with a client right now whose home is vacant. The house is not doing so great on the market. It is lacking curb appeal and it needs some serious landscaping. I am meeting him soon to go over some estimates from landscapers. We are going to get their advice and see what he can do by himself and then have the tree limbs removed by professionals. Since I am in the middle of re-vamping a pre-listing packet I thought that doing some research and putting together something to give to sellers about curb appeal would be helpful. This way they can read the statistics without me having to say it all.
Here is what I came up with:
Does Your Home Have Pizzazz?
Preparing Your Home to Sell for the Best Value
Prepared by: Jason Tolley
Backyard Realty Group, LLC
Of course you want to sell your home quickly and for the best value, but have you taken a look at your curb appeal? Have you stood on your curb and looked at your home to see how it appears to potential buyers? Have you de-personalized your space? After all, remember sometime soon you will be handing over the keys to the new owner. Your home is personal to you and your family but the new potential owner wants to envision their family living in your home. It is time to look at your home through the eyes of the buyer!
Stand on the curb or across the street and take a good look at your home. Does the paint look dingy or dirty? Are there cobwebs on the porch? Is the landscaping colorful and inviting? Can you see your home completely or are there tree branches hanging too low? Can you see your house number completely from the street? These are things you want to consider when looking at your home.
According to Tom Silva, a general contractor on the PBS series This Old House, many people "won't go into a house if it looks bad from the outside. Curb appeal is the beginning of getting people to look at the inside." If the outside of your home looks well maintained, buyers can make the impression that the inside is cared for as well.
Here are some quick and easy tips for improving the exterior of your home:
- Keep the lawn mowed and watered. Makes sure plant beds are edged. Re-seed bare areas if needed. Remove weeds.
- Add mulch or pine straw to flower or plant beds and around trees. This is very effective and inexpensive.
- Clean the windows (the more light entering your home the better)
- Shine all metal
- Change light bulbs and ensure outdoor lighting is functioning properly
- Plant flowers where applicable. Also putting a few pots of brightly colored plants near your entry way can give immediate curb appeal.
- Pressure clean your house (depending on the construction of your home), the driveway and the deck to give it a cleaner appearance. If the driveway has a lot of cracks consider re-sealing it.
- If it is needed paint the outside of your home (remember to use warm and inviting colors). A new fresh coat of paint is the easiest way to get curb appeal.
- Paint the front door if it remotely needs it.
- Remove branches especially those hanging too close to the house. (Talk to your realtor - we can always get a few professional estimates for you)
- Clean gutters and downspouts and make sure they are functioning properly
- Inspect and clean the chimney.
- Repair or replace loose or damaged roof shingles, loose siding or caulking
- Sweep the porch and stairs and put down a new welcome mat.
Next we move to the inside of the home. When you stand at your front door and look in do you feel welcomed? Do you feel like you want to enter the house? Is the house cluttered and hard to move around? Always keep these questions in mind. Remember, "The way you live in your home is not the way to sell your home," says interior designer Timothy Badgley. A house that is properly staged is more likely to sell faster than a home that is not. You do not need to spend a lot of money or hire a professional. Keep these things in mind and do it yourself:
- If the interior paint is dingy consider repainting the walls. Painting gives you the best return for the money spent. Try to stick to neutral colors.
- Steam clean the carpet. Any worn, stained or badly smelling carpet should be replaced.
- Clean up the clutter: if it is not essential to your everyday life box it up and store it away (after all you are moving you will be one step ahead). If it is something you no longer need consider donating it to Goodwill or another non-profit organization.
- Closets: make sure they are clean and organized. You wouldn't want a potential buyer to open a closet and have items fall out on them!
- Give the entire home a thorough cleaning: dusting, washing and waxing everything,
- Keep furniture to a bare minimum - this will make the traffic flow easier and it also makes the room appear to be larger
- If shelves are overcrowded with knick-knacks consider boxing some of them up.
- Try to de-personalize as much as possible. I know you love the family pictures but buyers want to envision their pictures, not yours. Take down any religious or political paraphernalia.
- Make sure the house smells good by using scents that match the season. Try candles, plug-ins, fresh flowers or other air fresheners. According to Jim Adair in his article in Realty Times, "53% of buyers said strong odors such as a pet and cigarette smells had a stronger impact on their impression of a home than overall tidiness and cleanliness, strong wall colors or an outdated facade and landscaping."
- Repair cracks, holes or damages to plaster, wallboard, wallpaper, paint and tiles.
When making minor changes to your home keep your budget as small as possible. A buyer may be pleased about a new roof or a new kitchen; however they are unlikely to pay more for this. "There is a big difference between making minor and inexpensive "polishes" and "touch-ups" to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room than doing extensive and costly renovations, like installing a new kitchen," says Realtor.com.
Kitchen:
- Clean exterior of all appliances. Clean the inside of the oven, refrigerator, microwave and dishwasher. (Yes they will look inside!)
- Clean or replace the stove hood filter.
- Clean cabinet faces and remove all clutter and unnecessary items from the countertops
- Clean the backsplashes thoroughly. If you have ceramic tile make sure the grout is clean; if it is discolored there are grout whitening products available.
- Put new knobs on the cabinets for a quick and easy face-lift.
Bathroom:
- Make sure all bulbs are working (the brighter the better!)
- Clean all ceramic tile and grout
- If the faucet drips - fix it!
- Thoroughly clean sinks and tubs (if there are rust spots try to remove them)
- Place fresh towels in the bathroom (especially right before a showing)
Misc Ideas:
- If the basement smells musty consider a dehumidifier
- Clean the stains on the garage floor and remove the clutter
- Replace the furnace filter
- Talk to your friends - get their honest opinions about your home
If your home is already vacant consider leaving some furniture behind. According to interior designer Timothy Badgley, "people often mistakenly think that viewing empty properties will give them an accurate sense of the space available, but in fact, it's hard to really understand the size of a room without furniture and other objects as reference points. An empty room allows buyers to focus on negative details instead of getting a sense of the overall space and the flow of each room to the next."
And last but not least consult your Real Estate Agent. They will always be willing to give you advice, help plan changes or get estimates for you!
"A house that sparkles on the surface will sell faster than its shabby neighbor, even though both are structurally maintained!" (realtor.com)
Resources:
Adair, Jim (March 9, 2006): Appealing to Eyes and Ears of Buyers
Dratch, Dana (April 4, 2007): 14 Ways to Make the Most of Your Curb Appeal
Our Family Place: Preparing Your House
Realtor.com: Get the House Ready
Roberts, Ralph (August 11, 2006): Don't be a Staging Stooge
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Contact Jason Tolley, Realtor, Backyard Realty Group LLC. Licensed Realtor in Georgia at 770-315-0789 to list your property for sale, to purchase a property or to manage your rental in Northwest Atlanta: Cobb, Cherokee, Paulding, Bartow, Fulton and Dekalb counties.
To view properties for sale visit Backyard Realty Homes for Sale. You can search for listings as well as view our listings. We know the Atlanta Area and will help you with your real estate needs.
Jason Tolley - Real Estate Agent, Property Manager, Community Manager
Copyright © 2008 By Jason Tolley, All Rights Reserved.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 11 2008 04:46PMIn NC why should I pay more than tax value?
Is tax value the same as market value? No
Tax value is the Counties' assessment of property value not a licensed appraiser. Sometimes the tax value can actually be higher than a home's market value.
The County does not apprise each individual property annually and they use the square footage they have on record times a calculated rate per square foot that is derived from random checks around an area.
Real Estate agents can perform a CMA (Comparative Market Analysis) and give you a range of expected value, but only an Appraiser is allowed to give an opinion of specific value.
If the tax value is less than the licensed appraiser's that means you will pay less tax than you would if it was equal. With that said if the licensed appraiser's value is less than tax value you may need to contact the tax department.
"Caring for all your real estate needs every step of the way"
Karen and Wendell Hodge
Greensboro NC Real Estate Agents with REMAX of Greensboro
www.YourTriadRealEstateAgent.com/
Greensboro NC Real Estate* Oak Ridge NC Real Estate
High Point NC Real Estate
Winston-Salem NC Real Estate * Kernersville NC Real Estate
Piedmont Triad NC Real Estate
0 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 11 2008 04:26PMOrder up! How to hedge your buyer's possible sunk cost due to inspection failure
You have a contract and it is time to inspect. This is a great time in the process until ....... the inspections hit!
One way to hedge against potential sunk cost if the deal crashes due to inspections is to list all the inspections and determine which ones have the highest potential of a failure.
If the home is on well water I recommend that the buyer have a well pump test done before anything else, because if there is poor water volume and recovery this could kill the deal before any other inspections are performed.
If the home is on a septic system I recommend that the tank be pumped and inspected even if it has been pumped recently. One of my clients followed my advise and the inspection discovered that the tank was not level and allowed water to back up into the inlet pipe. The Seller had to spend $2000 to replace the tank.
The standard home, radon and wood destroying pest inspections normally follow next. If you are in a highly prone radon area you may want to have this test before some of the others.
As discussed in an earlier Blog entry, always have a survey and depending on the circumstances it may need to be done early in the process if there are any concerns.
"Caring for all your real estate needs every step of the way"
Karen and Wendell Hodge
Greensboro NC Real Estate Agents with REMAX of Greensboro
www.YourTriadRealEstateAgent.com/
Greensboro NC Real Estate* Oak Ridge NC Real Estate
High Point NC Real Estate
Winston-Salem NC Real Estate * Kernersville NC Real Estate
Piedmont Triad NC Real Estate
0 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 08 2008 10:06PMWhy can't I have the keys now! Closing day in NC
The moving truck is backed in the driveway!
The movers are being paid by the hour!
If we do not unload soon $^%#%@^^!
In NC the contract states that the transaction is not closed until the deed is recorded, so it creates an opportunity for insurance providers and lenders to dispute who owns the property if a catastrophe occurs before the deed is recorded. (Fire caused by buyer, injury on the property .......)
I once had an attorney representing the buyers of one of my listings and he was not going to be able to record the deed until Monday. It was currently 1pm on Friday. The court house did not close until 5pm. He said give them the keys it will be fine. So I handed him the keys and told him to give them to the buyers that I was not going to be liable if something happen. He said no, no so fast it would make your head spin. He knew that a lot of liability can fall on the one that handed over the keys to the buyers if something happens before the deed is recorded. When the buyers witnessed his reaction to my reply to him the tables were turned and the deed was recorded on Friday.
The timing of the keys is one of the first things I discuss with buyers and sellers day one so that they plan for it. They can also pressure their lender to fund ASAP because that is normally what delays most attorneys from getting the deed recorded on the same day.
Never close on Friday or the day before a holiday and set the earliest morning time possible to give the lender and attorney as much day light as possible.
If you want to avoid having to meet your clients later in the day with keys let them use a lock box and put the key in it. Once you know the deed is recorded call them with the combo and pick up the lock box later.
"Caring for all your real estate needs every step of the way"
Karen and Wendell Hodge
Greensboro NC Real Estate Agents with REMAX of Greensboro
www.YourTriadRealEstateAgent.com/
Greensboro NC Real Estate* Oak Ridge NC Real Estate
High Point NC Real Estate
Winston-Salem NC Real Estate * Kernersville NC Real Estate
Piedmont Triad NC Real Estate
0 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 08 2008 09:04PMRichard Robbins International Inc. - Achievement Coaching organization
The last thing we feel like doing is the first thing we need to do.
Success Thought by Richard Robbins
http://www.richardrobbins.com/
If you have never treated yourself to Achievement Coaching Richard Robbins is a great organization. The skills we learned are used daily. Look for more of Richard Robbins' success thoughts in the future.
1 comment • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 08 2008 08:25PMSurvey - Its more than just knowing where the corners are.
Lenders use to require surveys, but in NC at least the requirement has fallen by the side of the road and home owners could suffer in the future. Home owners need to understand that it is up to them to make sure they are buying what they think they are buying and a survey is the only way to make sure.
Never use an old survey. Parcels can be redrawn and recorded. Recently I had a buyer to purchase a home and the home was eight feet to close to the line. The County inspector and contractor used an old survey 10 years ago. If my client had not ordered a survey he would have been stuck with an issue when he decides to sell.
Another reason to have a new survey in the current owner's name is to keep the title insurance company from having an out if something comes up on the title in the future that a survey could have discovered.
A new survey in the new owner's name is very cheap insurance. Never downplay how valuable it is.
If you have buyers moving to the Greensboro NC area please check out our website at www.yourtriadrealestateagent.com . We have a great MLS search tool and will take great care of your referrals.
"Caring for all your real estate needs every step of the way"
Karen and Wendell Hodge
Greensboro NC Real Estate Agents with REMAX of Greensboro
www.YourTriadRealEstateAgent.com
Greensboro NC Real Estate* Oak Ridge NC Real Estate
High Point NC Real Estate
Winston-Salem NC Real Estate * Kernersville NC Real Estate
Piedmont Triad NC Real Estate
0 comments • Karen and Wendell Hodge Caring for all of your Real Estate needs • August 06 2008 11:28PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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